TriQuint Semiconductor (TQNT) was down 7.3% in preopen Island trading after cutting its revenue and earnings estimates Wednesday for the remaining three quarters.
The company blamed weakness in bookings and customer order delays. TriQuint said it expects second-quarter earnings of 3 cents a share on revenue of $60 million to $65 million. Street estimates called for earnings of 11 cents a share on revenue of $71.5 million.
TriQuint acquisition target
, a maker of wireless equipment, also warned Wednesday, saying it expected third-quarter EPS between 6 and 8 cents, sharply below the 18 cents expected by analysts.
TriQuint has agreed to acquire Sawtek in a stock deal estimated to be worth about $1.3 billion. Sawtek was down 9.2%.